Banking in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.
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The best low-interest credit cards in Canada for 2023 Sep 9th
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The best low-interest credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
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The best balance transfer credit cards in Canada for 2024 Feb 16th
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The best balance transfer credit cards in Canada for 2024
Moving your credit card debt to a balance transfer card can help you pay off the debt more quickly by paying little or no interest.
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Video: How the bank of Canada’s interest rate affects you Mar 8th
Think of the Bank of Canada (BoC) as the “influencer of all influencers” when it comes to interest rates. Banks and other financial institutions follow its lead. Learn more about how the BoC’s overnight interest rate impacts you in this short video, featuring MoneySense executive editor Lisa H.... More »
The best low-interest credit cards in Canada for 2023 Nov 16th
Spend
The best low-interest credit cards in Canada for 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
Find my perfect card*
.... More »
The 10 best no-fee credit cards in Canada for August 2023 Aug 23rd
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The 10 best no-fee credit cards in Canada for August 2023
Searching for the perfect credit card? In under 60 seconds, CardFinder narrows down your top matches without impacting your credit score, no SIN required.
Find my perfect card*
.... More »
Is It Time to Say Goodbye to Your Starter Credit Card?
– ratesupermarket.ca
Nearly nine out of 10 Canadians have a credit card, according to Payments Canada. Not only that, but Canadians are also heavy credit card users, coming in second to South Korea in credit card volume per capita.
The study found that the extraordinary credit card use is fuelled by key factors such as credit card rewards and the expansion of e-commerce in the country.
But where does it all start? According to a global report by TransUnion, 63% of Gen Z consumers, over 18 in Canada, are credit-active. Of that population, nearly all have a credit card.
Yet, the study also suggests new-to-credit consumers often have lower credit limits, which can lead to higher utilization rates and, in turn, negatively impact consumers’ credit scores.
However, the report found that a significant number of Gen Z consumers are in the prime and above credit tiers, generally associated with an acceptable risk level for new credit products.
Further findings indicate that in established credit markets, such as Canada, Gen Z consumers “are clearly interested in — and receiving — cards…